Inflation is getting worse in Jumia’s main operational markets, including Nigeria, Ghana, and Egypt, as seen by the company’s Q2 2023 financial figures, which indicate a 28.1% reduction in customer base.
According to the corporation, the number of active users fell from 3.4 million in Q2 2022 to 2.4 million in Q2 2023, a 1 million year-over-year reduction. The value of items sold on Jumia’s platform, or its gross merchandise value (GMV), decreased by 25.1% from $271.1 million in Q2 2022 to $202.3 million in Q2 2023.
The financial report states that orders placed on the site for products decreased by 36.5% as well. In Q2 of this year, there were 6.5 million orders as opposed to 10.3 million in Q2 of 2022.
